Mutual of Omaha
Reverse Mortgage Specialist
What is a Mutual of Omaha Reverse Mortgage?
Rick May can help you decide if it is right for you.
A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM), is a home loan only for seniors aged 62+. It enables them to access their hard-earned home equity to enjoy a better retirement by eliminating mortgage payments and getting paid instead.
Let’s face it. Many senior homeowners find themselves with the same problem: insufficient income or investment cash flow for things they want or need. They can’t afford more debt or a second mortgage (line of credit). Some consider selling their homes, but that creates new problems, like where to live and how to pay for it?
What if you could retire in your own home without a mortgage payment, access a portion of your equity tax-free when you need it, and spend it any way you want?
Well, that’s what the Mutual of Omaha reverse mortgage solution lets you do! You can even buy a new home with a reverse mortgage with no monthly payment.
A Mutual of Omaha reverse mortgage offers financial relief for senior homeowners who need or want additional income to retire comfortably in their own home. Imagine getting these remarkable benefits:
- Stay in your own home with no house payments. Instead, get paid by the bank: take funds in a lump sum, a line of credit, or in structured monthly payments.
- Refinance and get cash out or purchase a new home with a reverse mortgage. Even works for homes valued up to $10,000,000 with a jumbo mortgage, with no required monthly payment.
- Use your equity for literally any purpose at all: supplement your income, pay for healthcare, buy a new car, make home improvements, invest it…You name it. It’s your money, so you can do anything you want to do with it!
In a nutshell, here’s what a reverse mortgage can do for you: stop mortgage payments and allow you to access your equity for any purpose at all. You can make payments at any time but are not required to pay back the loan until the home is sold or otherwise vacated. In other words, as long as the borrower, or a surviving spouse, lives in the home, no monthly payments are required.
Three Simple Questions
The answers to these three simple questions determine how much equity you’ll be able to access with a reverse mortgage. You already know the answers to the first two. Your estimate for the third will need confirmation by a bona fide appraisal.
- What is your age?
- How much equity do you have in your primary residence? (Value-loan balance)
- What is the value of your primary residence?
So if you are 62 or older and your home has at least 50% equity or more, you may be eligible for a reverse mortgage (HECM). If you will be 62 soon, it’s an excellent time to begin planning for a better retirement. Contact Rick May today to find out how much money you can get with a reverse mortgage and be on your way to a better, more comfortable, less stressful retirement.
Visit Our Learning Center
If you would like to learn more, visit the Learning Center for information and video answers that address these questions and more:
- Common Questions
- Common Misconceptions
- Who Is Eligible? And Which Properties?
- Reverse Mortgage FHA Insurance Protections
- How A Reverse Mortgage Works – The Reverse Mortgage Process
Download Rick May’s Free Brochure: Reverse Mortgage Answers
Meet Rick May
Reverse Mortgage Specialist
Rick is a native of Northern California and has been helping older homeowners arrange reverse and traditional mortgages for the past 35 years. He is the father of three grown children, and enjoys being outdoors and spending quality time with family and friends. Rick got his start in Mortgage Planning in 1984 and has worked with thousands of home buyers and homeowners throughout Northern California, Portland Oregon, and Vancouver Washington. During these years, Rick also helped many adults age 62 and over obtain an FHA insured Reverse Mortgage. After seeing the tremendous benefits that clients enjoyed from a reverse mortgage, Rick decided to devote his entire mortgage practice to that segment of the business. Read More
Read Rick’s Blog.
Keep up with the latest news on reverse mortgages in California, Washington, and Oregon. You can also find news regarding HECMs, reverse mortgage FAQs and other news to help you plan for retirement. Click the arrows to visit each topic.